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The UAE Retreat on Post-Oil

  • NEWS
  • 29 January 2016

The UAE retreat on post-oil phase was held on 30th and 31st of January 2016 at the Bab Al Shams Resort in Dubai. Federal and local government officials took part in the retreat and discussed ideas and initiatives that will contribute in diversifying the UAE’s economy and ensuring its sustainability.

H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and H.H. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, took part in the retreat.

During the first day, discussions included the current state of the UAE economy, opportunities for the development of the vital non-oil sectors in the UAE to strengthen the country's global position, future scenarios for the UAE economy that could be adopted by the government to make a quantum leap in achieving positive changes in various sectors, as well as the significance of developing national talents to lead these sectors.

H.H. Sheikh Mohammed bin Rashid and H.H. Sheikh Mohamed bin Zayed took part in the discussions, where four teams were created, with each team comprising a number of ministers, senior officials, and experts to brainstorm and discuss initiatives within each sector.

H.H. Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister and Minister of the Interior, headed a working group on human capital that aims to develop, attract and retain talents, while H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, chaired a working group on the economy pillar to discuss building a robust knowledge economy based on technology and innovation.

H.H. Sheikh Hamdan bin Rashid Al Maktoum, Minister of Finance, chaired a working group on the government policies pillar that aims to ensure government financial sustainability and utilize government resources to contribute to the UAE's post-oil economy. Another working group on community was chaired by H.H. Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister, to discuss ways of ensuring the sustainability of social welfare for Emirati families and diversifying sources of income.

On its second day, the retreat witnessed the presentation of the results of the first day, where a representative from each group presented initiatives proposed in each pillar.

H.H. Sheikh Mohammed bin Rashid gave directives at the end of the retreat to launch the UAE Post-Oil Strategy in the coming weeks. The strategy will include ideas and initiatives concluded in the retreat. It will work to strengthen the competitiveness of the current economic sectors as well as gradually introduce new sectors, which will achieve a quantum leap in the UAE’s economy, boost competitiveness and ensure its sustainability in accordance with the highest international standards.